Deutsche Börse increases revenue and earnings in Q2/2017

July 27, 2017

Deutsche Börse AG published its results for the second quarter of 2017 on
Wednesday. Net revenue stood at €623.6 million, an increase of 4 per cent
year-on-year (Q2/2016: €600.7 million). The increase was largely driven by
positive developments in the Clearstream segment as well as the growth in
interest rate derivatives trading volumes at Eurex.

These positive developments largely offset the growth-hampering effects of an ongoing low volatility environment, which led to lower trading activities on the cash market and
in equity and index derivatives at Eurex. Adjusted operating costs were flat
with €245.4 million (Q2/2016: €245.1 million) despite higher share-based
compensation. Costs were adjusted for €26.0 million non-recurring effects
mainly relating to M&A and restructuring expenses as well as provisions for litigations.

Depreciation, amortisation and impairment losses increased due
to higher investments in future growth. Adjusted net profit for the period
attributable to Deutsche Börse AG shareholders (hereinafter referred to as
“net income”) stood at €232.8 million, rising by 7 per cent year-on-year
(Q2/2016: €218.5 million). Net income was adjusted for non-recurring tax provisions
of €33.0 million related to the settlement reached with the U.S. Office of
Foreign Assets Control (OFAC) in 2013.

In the first half of 2017, Deutsche Börse achieved structural growth of
around 5 per cent, in-line with its plan. However, this was off-set by a cyclical
net decline and negative consolidation effects which amounted to 2 per cent in
total. Therefore, net revenue in H1/2017 increased by 3 per cent and
totalled €1,247.0 million (H1/2016: 1,211.2 million). Adjusted operating costs
decreased slightly. Including depreciation, total costs increased slightly due to
higher share-based compensation. Net income amounted to €465.0 million (+6%).

Gregor Pottmeyer, Chief Financial Officer of Deutsche Börse AG, commented:
“With our structural growth initiatives we have been progressing as planned
in the first six months. However, we could not completely compensate for
cyclical effects. Even though business development was slightly below our
expectations, from our point of view it is still possible to achieve the lower end of our earnings forecast for the full year – provided that the cyclical environment improves in the second half of the year.”